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Estudio Echecopar member firm of Baker McKenzie International cements its top-tier ranking with proven expertise in sophisticated transactions, high-end domestic and international clients and an experienced team that can ‘clearly communicate what you need and why, without making things unnecessarily complicated or expensive’. In particular, clients note the ‘boutique feel’ provided by the ‘responsive’ and ‘personable’ attorneys against the backdrop of its global network, offering clients the best of both worlds. It is well-worth the ‘higher cost in relation to the market’. The ‘knowledgeable’ Alonso Miranda led advice to state-owned Fondo MIVIVIENDA in its PEN$2bn global depository notes (GDN) offering to finance low-to-medium priced housing across Peru, the country’s first-ever corporate GDN offering. He also led the team representing Citigroup Global Markets, Scotia Capital and SMBC Nikko Securities America, as bookrunners, in the $340m bond issue by Fenix Power Peru, the company’s first international debt offering. Praised for his networking ability, Rafael Picasso heads the practice and steers seven other specialist finance partners. Among them is Marco Alarcón, ‘friendly’ Oscar Trelles, who provides ‘very good, clear communication’, Juan Carlos de los Heros and capital markets specialist Pablo Berckholtz. Berckholtz led advice to Interbank Peru on two major bond offerings, a $284.2m exchange offer and $200m international private offering. The firm’s other deals include advising MetLife on its $40m loan to Ecosac Agricola and Promotora y Servicios Lambayeque on the development of agricultural projects in northern Peru. An impressive and extensive client list comprises global bulge-bracket banks, financial institutions and corporations such as MetLife, Scotia Capital (USA), Inter-American Development Bank (IDB), Credicorp Capital and the International Swaps and Derivatives Association. Among a strong team of supporting associate lawyers is ‘assertive’ Luis Ernesto Marín, whose ‘understanding of US and South American legal practices has been invaluable’.

Earning promotion to the top tier, Garrigues is turning heads in the finance arena for its prominence in innovative and demanding transactions, providing an ‘excellent, personalised service’, ‘great technical strength’ and a ‘high level of professionalism’. The four-partner team, though smaller than its nearest rivals, is nonetheless ‘always available’ and noted for its quick response times and solution-driven advice. It is the preferred choice for a number of top-tier international banks and financial institutions, such as Bank of America Merrill Lynch, Morgan Stanley, Credit Suisse and BNP Paribas Securities. The firm acted opposite Estudio Echecopar member firm of Baker McKenzie International in advising Scotia Capital and Morgan Stanley as joint bookrunners and managers in Fondo MIVIVENDA’s landmark PEN$2bn global depository notes offering to provide mortgage finance to low-to-middle income individuals, the first private GDN offering in Peru. Sergio Amiel led the advice, assisted by department head Oscar Arrús. Amiel also led advice to Citibank and JP Morgan in the $1bn acquisition finance granted to Eckerd Peru/Intercorp Group to acquire Peruvian private healthcare company Quicorp, this time working opposite Payet, Rey, Cauvi, Pérez Abogados. In a multi-award-wining deal, José Francisco Meier acted for the bank syndicate, including Scotiabank Peru and HSBC Securities, as initial purchasers of Peru’s PEN$10bn sovereign bond issue, the first sovereign offering by the country to be cleared and settled through the Euroclear system. The proceeds should go some way to shifting Peru’s dollar-denominated debt to local currency. The ‘very fast’ Thomas Thorndike demonstrates ‘excellent technical ability’ and is advising Santander Investment Securities on a $170m exchange offer by fish products producer Pesquera Exalmar; he also led advice to the bank syndicate in Cerro del Águila’s $650m senior notes issue prior to its merger with Kallpa Generación. Senior associate Diego Harman joined the firm from the Latin America banking and finance desk at Clifford Chance, New York.

The ‘exceptional’ team at Miranda & Amado draws widespread praise both locally and internationally for its expertise in sophisticated transactions and bank regulatory work, including an impressive track record in establishing and licensing new banks in the jurisdiction. Indeed, it’s regulatory work is ‘at the highest level within Peru and compares very favourably with international firms’, while overall the firm is ‘among the best in Peru in banking and financial matters’. Accordingly, it is the preferred choice for an array of market-leading banks and financial institutions, such as JP Morgan Chase, HSBC and Citibank. The firm acted for Bank of America, Citigroup, Credicorp Capital and JP Morgan Chase as underwriters of Peru LNG’s $940m senior notes issue, and advised leading domestic bank trio BBVA Banco Continental, Banco de Crédito del Perú (BCP) and Scotiabank Peru on their $174m syndicated loan to the Metropolitan Municipality of Lima for its 2016-18 investment plan. Other showcase deals include advice to French investment bank, Natixis and ABN AMRO on their refinancing of a £475m credit facility for commodity trading and logistics company Trafigura Peru, while project finance work included advising Banco Santander and Corporación Andina de Fomento (CAF) on its $183m loan to Terminal Portuario Paracas for the development and upgrade of the Puerto General San Martín de Pisco project. Fees are ‘very reasonable for the quality of the work provided’. Key figures in the ‘knowledgeable’ and well-resourced team are: department head José Miguel Puiggros; Rafael Corzo and Nydia Guevara who together are noted for their ‘good knowledge of the industry’; Juan Luis Avendaño Cisneros, who is ‘very good, not only at providing legal advice but in explaining the regulatory environment’; Roberto MacLean; and Luis Marcelo De-Bernardis.

Clients at Payet, Rey, Cauvi, Pérez Abogados are extremely satisfied, remarking it is the ‘best firm I have worked with’, ‘of very high quality’ and provides ‘attention that is very personalised and successful due to the knowledge they have of our company and business’. The firm stands out for its strength across all facets of financial legal work, attracting headline transactions such as: advising China Development Bank on its $365m financing to Hydro Global Peru for the development of hydro power plants (the largest project finance for a private sector project in the country during 2017); and representing Eckerd Peru/Intercorp Group as borrower on its high-value bridge-loan financing from JP Morgan Chase and Citibank, which was part-used to acquire pharmaceutical distributor and retailer Quicorp. Capital markets transactions included: acting for Peruvian private equity fund manager Enfoca SAFI on its $950m private equity secondary transaction whereby managed funds were recapitalised into a new fund; and advising Banco de Crédito del Perú on its offering and issuance of PEN$2bn senior notes, the largest international Peruvian currency offering by a domestic private company. Graña y Montero is a key client of the practice, alongside domestic heavyweights Scotiabank Peru, BBVA Banco Continental and Interbank. Driving the practice is an eight-partner team led by José Antonio Payet and José Cúneo, who ‘inspire confidence’ through their experience, personal attention and ‘weight and fairness when negotiating, which helps conversations to flow’. Eduardo Vega leads the capital markets practice and is ‘very proactive and convincing in negotiations’. Other team members include ‘great’ and ‘extremely proactiveSusan Castillo; Aldo Reggiardo, who is client partner to China Development Bank; and recently made-up Alfredo Chan. Highly-rated senior associate Kiomi Osorio moved in-house.

Payet, Rey, Cauvi, Pérez Abogados - Spanish translation: Los clientes de Payet, Rey, Cauvi, Pérez Abogados están extremadamente satisfechos, y destacan que es la "mejor firma con la que han trabajado", "de muy alta calidad" y que brinda una "atención muy personalizada y exitosa debido al conocimiento que tienen de nuestra empresa y negocio". La firma se destaca por su solidez en todas las facetas del trabajo legal financiero, y atrae importantes transacciones, tales como el asesoramiento al Banco de Desarrollo de China en su financiación por $365 millones a Hydro Global Perú para el desarrollo de centrales hidroeléctricas (la mayor financiación de proyectos para un proyecto del sector privado en el país durante 2017); y la representación a Eckerd Perú/Grupo Intercorp como prestatario en su financiación de préstamos puente de alto valor por parte de JP Morgan Chase y Citibank, que se usó en parte para la adquisición del distribuidor farmacéutico y minorista, Quicorp. Entre las transacciones en los mercados de capital figuran la representación a la administradora del fondo de capital privado peruano, Enfoca SAFI, en su transacción secundaria de capital privado por un valor de $950 millones, en la cual los fondos administrados se recapitalizaron en un nuevo fondo; y el asesoramiento al Banco de Crédito del Perú en su oferta y emisión de pagarés con derechos prioritarios de PEN 2000 millones, la mayor oferta internacional de divisa peruana realizada por una empresa privada nacional. Graña y Montero es un cliente clave del despacho, junto con los pesos pesados nacionales Scotiabank Perú, BBVA Banco Continental e Interbank. El motor del despacho es un equipo de ocho socios dirigido por José Antonio Payet y José Cúneo, quienes "inspiran confianza" a través de su experiencia, atención personal y "relevancia e imparcialidad al negociar, lo que ayuda a que las conversaciones fluyan". Eduardo Vega lidera el despacho de los mercados de capital y es "muy proactivo y convincente en las negociaciones". Otros miembros del equipo incluyen a la "excelente" y "extremadamente proactiva" Susan Castillo; a Aldo Reggiardo, que es socio cliente del Banco de Desarrollo de China; y al recientemente integrado Alfredo Chan. La asociada sénior altamente calificada, Kiomi Osorio, se convirtió en una empleada interna.

Easily one of the top firms in Peru’, Rodrigo, Elías & Medrano – Abogados fields an ‘excellent team of lawyers’, many of which have spent time at leading US and UK law firms. Led by the ‘exceptionalJean Paul Chabaneix, who ‘consistently seeks to add value to transactions’, the practice draws praise not just from clients, but from across the negotiating table, where one counterparty found the firm ‘very constructive on the deal, responsive and sympathetic to our needs’. The team excels in, and indeed focuses on, high-end, complex transactions and regulatory matters for the likes of Goldman Sachs, HSBC Peru, Scotiabank Peru and Banco de Crédito del Perú, in addition to assisting leading domestic companies seeking to raise finance. It acted as local counsel to a lending syndicate comprising Citibank, ABN AMRO, CIBC and BBVA on the £1.5bn refinancing granted to mining company Sociedad Minera Cerro Verde; Luis Enrique Palacios led on the deal. Palacios and his team have ‘extensive experience and knowledge in the various topics of corporate finance’. For project finance, ‘excellent negotiatorFernando Molina has ‘enough experience to address clearly the difficult issues on any deal’; he represented Mizuho Bank, Mizuho Securities and Sumitomo Mitsui Banking Corporation in their $316m financing to Graña y Montero for the expansion of Lima Metro’s Line 1. Capital markets instructions included Jorge Trelles’ advice to The Central America Bottling Corporation on its $500m international debt issuance. The team also includes: Juan Diego de Vinatea, who is ‘very experienced, time responsive and constructive’; and regulatory specialists Gino Sangalli and senior associate Nicolás Cornejo, who has ‘excellent negotiation skills’ and is ‘very committed to any project’. However, Diego Peschiera, also a regulatory specialist, moved to CMS Grau in July 2018.

Lazo, De Romaña & CMB Abogados has ‘complete knowledge of the industry’, is ‘totally reliable in every way’ and has a ‘commitment to push the transaction to meet the established deadlines’. In a great year for the practice, it acted for key client the Republic of Peru on its landmark PEN$10.5bn sovereign bond issue, the first sovereign offering by the country to be cleared and settled through the Euroclear system; practice co-head Fátima De Romaña and recently made-up Patricia Brocos led on the deal. In another headline matter, the pair represented the joint book runners, including Goldman Sachs and HSBC Securities, in Petroperú’s landmark $2bn debut international bond offering. Bruno Gonzáles is very experienced and Freddy Escobar is ‘not only a very good lawyer but his personal skill is a perfect fit’. Well-known figure Jorge Lazo co-leads the practice.

Clients at Philippi Prietocarrizosa Ferrero DU & Uria praise the ‘very professional and experienced team’ led by Miguel Ronceros, who is supported by four specialist partners and a sizeable team of capable associates. In particular, it is ‘hands on’, ‘reliable’ and ‘always tries to find a solution for each point or problem’. The well-balanced practice acts for both lenders and borrowers on behalf of international and local banks, as well as leading domestic companies, including Deutsche Bank, Credit Suisse (Cayman Islands) and Columbian energy distributor Promigas, all client gains this year. Other clients include Scotiabank Peru, Natixis and trophy client Graña y Montero, which the firm advised on its $316m financing from Mizuho Bank, Mizuho Securities and Sumitomo Mitsui Banking Corporation for the expansion of the Lima Metro Line 1, a deal led by Ronald Fernández-Dávila. Other recommended partners include Rafael Puiggros and Ignacio López de Romaña.

Rebaza, Alcázar & De Las Casas’ offers a considerable depth of expertise across the full spectrum of banking and finance work. It is ‘top of the line in these and other matters’, ‘very proactive’ and ‘dedicated’ and demonstrating a ‘commitment and real interest in our requirements’. Head of practice and a market leader, Rafael Alcázar is ‘very business savvy’, has ‘tremendous knowledge and experience’ and is, moreover, very hands on, leading many mandates. An extensive deal list includes acting for HudBay Minerals and Hudbay Peru on amendments to its combined $550m credit facilities, a mandate led by Luis Miguel Elías, while capital markets work included the design and launch of an inaugural FIRBI (real estate investment fund) on behalf of W Capital SAFI, as regulated fund manager, and Hunter Capital, as external manager. The firm acts for JP Morgan Chase and Bank of China on regulatory matters. Other key individuals include Alberto Rebaza, Juan José Cárdenas and Felipe Boisset; senior associate Gonzalo Soriano left the firm for an in-house position at CAF, the Latin American development bank.

Despite being best-known for infrastructure financings in the mining sector, CMS Grau’s ‘young and dynamic’ team has capability across the spectrum of financial transactions. Strength in the capital markets is demonstrated by its work for retailer Falabella Perú on its $200m second bond programme, a matter led by head of practice and office managing partner, Juan Carlos Escudero; he also led advice to Fenix Power Perú on its $340m bond offering. The expanding practice, which ranks Interbank, Creditcorp and Westpac as clients, was boosted by the arrivals of Sergio Oquendo, formerly head of banking and finance at Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados until 2015; and regulatory expert Diego Peschiera, who arrived from Rodrigo, Elías & Medrano – Abogados.

The four-partner team at Hernández & Cía. Abogados, led by respected corporate and finance lawyer Juan Luis Hernández, attracts impressive clients including Goldman Sachs, Banco Santander, The Vanguard Group and Chubb Seguros, and works regularly alongside leading UK and US law firms seeking Peruvian advice. Those instructing are ‘very satisfied’, particularly with industry knowledge, response times and the firm’s quality-to-price ratio. The team acted for Credicorp Capital Servicios Financieros on the $46.8m structured finance extended to electricity distributor Electro Dunas and an associated $14m granted to Peru Power. Project finance work included acting for Natixis alongside Clifford Chance on the $51m loan granted to Peruana de Inversiones en Energías Renovables, which owns the concession to develop the 19.8MW Manta hydropower plant in Ancash, Peru.

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados offers a ‘comprehensive and customer-centric service’ with ‘insight of all legal and business angles’ and is ‘great for managing specific projects’. The practice picked up significant new clients over the past year, including Petroperú and Banco Santander, while showcase deals included advice to financial institutions including Credit Suisse (Cayman Islands) and Banco de Crédito del Perú, on their $340m multijurisdictional refinancing granted to Graña y Montero; the mandate was led by Andrés Kuan-Veng (who is ‘prudent’, ‘confident’ and ‘creative’) and fellow partner Mercedes Fernandez. Kuan-Veng also advised Petroperú on its $1.3bn loan for the Talara project, the country’s second-largest oil refinery, arranged by a consortium of eight international banks. Other notable work saw the firm represent Hydro Global Perú on the $365m project financing from China Development Bank for the construction of the San Gabán III hydropower plant. Gillian Paredes and Daniel Lovón, who has returned to the firm from Miami’s Holland & Knight LLP, complete the partner team.

Arbe Abogados enters the ranking for its consistent performance in some high-value and novel transactions. Clients rate the firm’s ‘knowledge of the market and openness they have in structuring complex operations’. It worked alongside Milbank, Tweed, Hadley & McCloy LLP Beijing in advising Industrial and Commercial Bank of China (ICBC) as arranger, and ICBC Peru Bank as security agent, in the $500m facility granted to Shougang Hierro Peru to refinance existing debts and expansion and develop the Marcona iron ore plant. The work was led by Jessica Valdivia, who is praised for her ‘excellent performance’; César Arbe, who ‘moves the contract forward’ and ‘astute’ Francisco Gálvez complete the finance partner line-up.

DLA Piper Peru boasts a ‘very knowledgeable’ team under the leadership of Ricardo Escobar and ‘starSergio Barboza, supported by capable senior associates, among whom Reyna Silva-Santisteban and Juan Carlos Ramírez stand out for their experience and expertise. The firm attracts a steady stream of mid-size transactions, including: advice to road concessionaire consortium Concesionaria Peruna de Vías – Covinca, on its $20m bridge loan from Banco Davivienda (Panamá), advice led by Escobar supported by infrastructure partner Carlos Nuñez; and representing Interbank on its PEN$77m mid-term financing to DINET and Sandoval, a matter led by Barboza. Inter-American Investment Corporation is a key client.

Ricardo Haaker and Christian Castellares lead a team of 12 lawyers at De Bracamonte - Haaker - Castellares, which is noted for its professionalism and ‘excellent service’. The versatile practice acts for banks, corporates and funds, such as Interbank, Corporación Financiera de Desarrollo (COFIDE) and Global Financial Inclusion Fund. The firm represented the latter on its $14m loan to Edpyme Acceso Crediticio, while on the borrower side, it advised automotive importer and distributor Alese on its $20m mid-term loan from Banco de Crédito del Perú. Castellares led on both mandates.

A loyal following at García Sayán Abogados, where the service is ‘unbeatable’, includes key client International Finance Corporation (IFC), Standard Chartered and the Investment Fund for Developing Countries (IFU). The firm is ‘excellent in several areas’ with a ‘well-informed panorama of the economy’ and can ‘anticipate issues and put them on the table in advance’. The engine of the practice, Luis Gastañeta, leads on most mandates such as recent advice to Sociedad Minera El Brocal regarding its $80m loan from Banco de Crédito del Perú, represented by top-tier firm, Payet, Rey, Cauvi, Pérez Abogados. Gastañeta was assisted by Alfonso Tola on the deal.

Estudio Olaechea receives great praise from clients, for its ‘tremendous, proactive service’, ‘very good network of contacts’ and ‘impeccable work in international financial areas’. In particular, department head Carlo Viacava has ‘profound knowledge of financial regulation’ and together with his two-partner, nine-associate team is ‘great to work with’. While less visible on high-profile financings, the firm has a strong following among major international players for regulatory and financial product advice, for example. It advised Société Générale on the creation and structuring of a proprietary index linked to $100m of corporate and sovereign bonds. It also represented BlackRock before the Peruvian financial authorities to spearhead regulation reform for investment fund managers.

The ‘very professionalRubio Leguía Normand handles sophisticated transactions on behalf of domestic and international banks and corporates, as evidenced by its work for insurance company Pacífico Entidad Prestadora de Salud, which the team advised on its inaugural $123m bond offering. The firm also represented Interbank on its $22.4m leaseback financing to mining company Hudbay Perú; and advised Credicorp Capital (as structuring agent), and Banco de Crédito del Perú (as lender), on a $28m financing for fishing company Compañia Pesquera del Pacífico Centro. The team, noted for its ‘precise advice’ and ‘quick response times’, is led by Carlos Arata and expanded its associate-level strength with three lateral hires, including senior associate Eliana Peláez from Benites, Vargas & Ugaz.

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